Importance of Flexibility with Business Technology


16 November 2018


Business Technology

The rapid advancement in technology has disrupted businesses in more ways than we can imagine. What was once executed by a team of professionals in a conventional context can now be accomplished by technology. Through this innovative technology, businesses have become more interconnected than ever before and employees have had to keep up to remain productive and valuable assets regardless of their location. This strategy has essentially made flexible work schedules a much more convenient option to tap into new markets and attract more customers. As a business owner, it’s imperative to consider intertwining business technology and flexibility to attain exceptional services.

Enhance Unmatched Competitiveness:

The most successful companies have consistently gone above and beyond to integrate new technology into their existing businesses. A flexible and tech-oriented company responds promptly to market changes by recognizing that change is inevitable and keeping up with emerging tastes and preferences has become essential in optimizing competitiveness. Remember, the notion that your company is too big is nothing short of an illusion that can spell adverse consequences down the road. As a business owner, you need to be quick in managing change and adopt technology tailored to your specific consumer needs to only earn substantial profits but also stay relevant within the industry.

Optimal Efficiency:

Visionary entrepreneurs have never shied from adopting new sales strategies even their current systems are working just fine. Continuously harnessing your craft as a business speaks volumes about your commitment to reinventing your operations to foster innovation and deliver better customer experience. By prioritizing on optimal efficiency, your business will be in pole position to cut down on operational costs and earn substantial profits in return.

Harnessing Teambuilding Efforts:

Technology has consistently proven to yield substantial benefits by harnessing teambuilding efforts. As a business owner, it’s in your best interest to incorporate technology and identify each employee’s strength and weakness. While two employees can never be the same in terms of reasoning, productivity and efficiency, managing change in this crucial juncture should be your utmost priority to nurture seasoned employees. An exceptional business owner understands the need to unite employees from various backgrounds with different skill sets to not only complement each other but also work as a synergetic team.

Flexible Work Schedules:

Flexible work schedules have progressively built up momentum to become a norm in upcoming businesses and startups. With millennials well versed with the highly evolving technology through applications, video calls and instant messaging, it makes total sense incorporating flexible work schedules to harness optimal productivity from each employee. Each team member is unique in their own way and location shouldn’t be misconstrued to be a barrier to efficient productivity. Rather than confining them in an office setting on a 9 to 5 schedule, consider introducing flexible schedules and monitor the substantial productivity yielded.

Eliminate Communication Barriers:

Achieving employee efficiency is a hallmark of shrewd planning and execution that many businesses have strived to achieve. This essentially means letting your employees exercise their creative freedom to communicate however and wherever they are without location or communication barriers. This doesn’t mean letting them get away with whatever they want. Far from it, it simply means introducing cloud-based platform through which your employees can access and upload work content wherever they are and still enjoy prime features such as screen sharing and video calls.

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I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Hiring a Recruiter in the Food and Beverage Industry

A Guide to Hiring a Recruiter in the Food and Beverage Industry

The outbreak of the covid-19 pandemic taught us a lot of things. This is despite the negatives that came with it. For instance, it helped us better understand the concept of essential and non-essential services.Speaking of essential services, the food and beverage industry is important and should always be up and running. This is why these companies need a perfect approach to hiring operational and non-operational staff members.One of the best ways to go about this is engaging the services of a capable beverage and food recruitment company. These professional services consist of staff members that are specially trained to source the right candidates for the food and beverage industry.They also help draw up contracts between employees and their clients. For the most part, the contract details are in the best interest of their clients.Considering the importance of these recruiters in the industry, this article will discuss how to find and hire a good one. This is so that you end up with the right staff and have a good working relationship with the recruiting agency. Tips on How to Hire the Right Food and Beverage Recruitment Company-Hiring the right hands to fill various positions in the food industry is non-negotiable. To make sure this is the case, here are some tips to help you: Years of Active Experience: Frankly, these are one of the service providers that thrive on the experience. For this reason, make sure the agency you end up with has a wealth of experience.This will enable you to check their profile and see if they are up to the task. This is very important considering that you cannot afford to take chances when it comes to hiring the right employees. Helping your H.R Team:Engaging the service of a recruitment agency does not mean you should not have a fully functional HR department. This is because this department is very essential in the food and beverage industry.For instance, this department helps to come up with the right reward system to motivate the staff of the company. Also, they ensure that operational and non-operational staff members undergo the needed training when necessary. If you are interested in finding out more about their responsibilities, you can check here.Well, a good recruitment firm should do more than just helping with the recruitment process. They can help the HR department in some other ways. For instance, this might be about suggesting training and resource persons that can handle the training. The Required Area of Core Competence: The truth is that experience is not all it takes to hire the right recruitment agency. You also have to be certain the engaged service provider is good at supplying the kind of staff members you need. This is why you should know their area of core competence before bringing them on board.For instance, if your company is into the production of organic food items, you should make sure the agency has a good history of supplying the right kind of candidates to such companies.The point is that it is not enough to hire a random recruitment agency. Be sure that they understand the responsibilities of the employees that you need and can deliver to expectations. Good with Paperwork: The job of a recruitment agency is not only to identify and refer the right candidate. They also need to be good at coming up with paperwork in the best interest of their clients.While the contract details should not be geared towards extorting the candidates, it should favor the clients. For instance, there should be a clause that protects the clients from employees abruptly resigning. This is so that the essential service of the company is not affected adversely in any way or brought to a standstill. Good at Identifying Red Flags: Many recruiting experts and human resource personnel have come to understand that all that glitter is not gold. This is because some unworthy candidates are good at making everything look perfect to recruiters that are not quite observant.It is for this reason that you should deal with a recruiting agency that can identify red flags on time. For instance, a highly qualified candidate that has changed jobs very often should be properly drilled. This is to be certain that your company will not experience the same fate with such a candidate.To find out some more red flags your recruiter should be able to notice, you can watch: Conclusion: For us, ending up with the right employees in the food and beverage industry starts with hiring the right recruitment agency. We have shared tips on how you can end up with the right recruiting firm in this article and hope that you make informed decisions from now on.Read Also:How to Choose the Right Commercial Collection Agency

product packaging

5 Ways To Reduce The Packaging Cost In Your Business

Every business needs to look for ways to reduce the cost of overall production and distribution of their products. Most often they focus on product redesign in a way that the overall material cost will be lesser. But packaging cost can be another important contributor in the overall cost of a product. So, if you are looking to cut some cost of your product, here are 5 useful ways you should consider: 1. Prioritize Research And Development Large business organizations need to have research and development division to determine or find the best packaging for their products. Yes, a box is a box but not all packaging made in the same process. Your research team should continuously come up with multiple product packaging designs and test each on a small scale to know exactly which one brings the desired result. Getting rid of unnecessary layering from the product packaging is one of the easiest ways to lessen the cost of packaging. Your research department can this continuously work on product redesign. This might not be a perfect option for small businesses though. So, small businesses can simply imitate market leaders. 2. Buy Packaging Materials In Bulk Your goal should be to get the economies of scale when you buy various packaging materials. Most suppliers will offer you significant price discount when you buy in bulk. So, contact with various suppliers, check the quality of their products first and then ask for their best offers for bulk purchases. No matter how large or small your business is, you should look to have the advantage of economies of scale. 3. Cut Wastage In Every Way Possible Wastage in packaging might be one of the reasons your company have high packaging cost. So, know the exact level of packaging waste in your business and look for ways to cut those wastages to have lesser packaging cost. 4. Adopt Flexible Packaging Flexible packaging has brought about a revolutionary change in the packaging industry. If your product is a perfect fit for adopting flexible packaging and you are yet to adopt that, consider adopting it ASAP you can. Plastic porch packaging is the most popular flexible packaging option as it requires less packaging material per product, takes less space in storage and transportation and most importantly reduces the cost of packaging. Marketing and promotion to get much easier. If you are in a legal cannabis business, you can adopt flexible cannabis packaging. 5. Outsource Packaging Small businesses should not invest in large packaging machinery. So, in order to reduce the cost of packaging, they can simply look for various packaging companies around and make a good deal of monthly and yearly packaging needs.These are some common ways you can reduce the cost of packaging in your business. Apply the ones you feel perfect for your business and competitive advantage over your competitors.

Your Business

Why Correctly Valuing Your Business Is Essential

Knowing your business's accurate value can be helpful if you plan on selling your brand someday. However, the fear sellers have in getting the best possible price is understandable.Selling your business is one of the most significant events in your professional life. While this brings some caution, it should also be exciting as you move on to your next adventure. Before you start the process, it's a good idea to use a valuation calculator to get an idea of how much your business is worth.Gathering as much information as possible about your business is essential. Preparation is key. With that in mind, here are 6 key tips to help you value your business correctly.Tips To Help You Value Your BusinessHere are some ideas that can help you understand the valuation of your company:1. Understand Price-To-Earning Ratio (P/E)It is typical for businesses to use the price-to-earnings ratio to understand their value. This tip works best for companies that have an established profit track. The P/E will be higher if the business has high-profit growth.Let us take an example — if your company makes $500,000 profit after taxes and you utilize the P/E ratio of 4, it means your business will be valued at $2,000,000. The P/E ratio will depend on the growth ratio of your company. For instance, start-ups will have a higher ratio because they are high-growth businesses. On the other hand, high-street companies, like real-estate companies, will have a lower P/E ratio.Since P/E ratios can differ extensively, no standard ratio can be used to value all types of businesses. In most cases, the valuation between 4 and 10 is used as the standard.2. Cost Of EntryThis tip is quite simple — this is the total cost of setting up a business similar to the one being valued. In this case, you will have to consider every factor that helped the business get to where it is today. This involves all the costs, tangible assets, building a customer base, recruitment, etc.Next, you need to think about all the money you can save while setting up the business. For instance, the costs you save by using cheaper material alternatives or setting up the business elsewhere.To get the entry cost, you need to subtract the latter (saved money) from the former (the cost of setting up the business). This is your valuation.3. Valuing The Business AssetsIn the case of established and stable businesses, these companies often have a lot of tangible assets that can be valued. Some great examples, in this case, include those in the manufacturing and property businesses.You will have to start working out the company's NBV (Net Book Value) to start its asset valuation. In most cases, these assets will be recorded in the accounts of the business. Next, you simply need to make a few other adjustments like depreciation, etc., to determine the assets' actual value.4. Discounted Cash FlowThis is a complex way of determining the value of a company – it is all about making reliable assumptions about the future of a business. In most cases, this particular method is used by companies with more predictable and stable cash flows. For example, utility companies.As you can guess, this tip will help you understand the value of the business by estimating the worth of the future cash flow today. Adding the dividends forecast will help you figure out a valuation for the next decade or so.5. The Rule Of The ThumbThere are a handful of companies that deal with the buying and selling of businesses. Therefore, it only makes sense that these businesses utilize certain standard methods to determine the value of their companies. They are based on other things, apart from profit.When selling a business, it's important to identify the target market and understand their needs, such as business owners who will buy a business, in order to position the sale effectively and maximize the value for both the buyer and sellerLet us take the example of retail companies. The value for these businesses is derived from other factors like the number of outlets, total number of customers, business turnovers, etc.6. Non-Measurable ValuationAs we have said in the beginning, the worth of a business is exactly what the other person is willing to pay. In this part, even intangible assets can be considered.If your company has a better relationship with your suppliers and/or customers, it will be more valuable. If the buyer does not have a stable team to grow your company, you can also add a strong management team for additional value.ConclusionWith the help of these tips mentioned in this article, you should be able to approximately evaluate your company. To further help with your valuations, there are useful business valuation tools online.For an online business valuation tool, you will usually need to provide some basic data about your company, which will then be measured against the standardized benchmark to provide you with an accurate company valuation.Additionals:Master’s In Business Analytics: Is It Worth The Effort?Your Business Needs Marketing To Survive – Here’s WhyContent Marketing Campaign Strategy For Small BusinessHow Business Owners Can Protect Themselves if Their Business Fails